![\"Unemployment](\"\/_next\/image?url=https%3A%2F%2Fcms.joe.co.uk%2Fuploads%2F2026%2F03%2FCopy-of-thumbnail-5.jpg%3Fheight%3D576%26width%3D1024&w=360&q=75)
<\/p>\n18 to 24-year-olds are the biggest contributors to the increase in unemployment<\/h2>\n<\/p>\n
<\/p>\n
The rise in unemployment over the past three months has been driven largely by 18\u201324-year-olds, according to the ONS. There are now concerns that the conflict involving Iran could further worsen the situation.<\/p>\n<\/div>\n
<\/p>\n
New official figures show UK unemployment has remained at its highest rate in five years. The unemployment rate was 5.2% in the three months to January, according to the Office for National Statistics (ONS).<\/p>\n<\/div>\n
<\/p>\n
This rate was last seen in January 2021, before last month.<\/p>\n<\/div>\n
<\/p>\n
According to the statistics body, the increase over the past three months was largely driven by unemployed young people. The unemployment rate among 18 to 24-year-olds rose to 14.5%.<\/p>\n<\/div>\n
<\/p>\n
Analysis of payroll data from the Resolution Foundation think tank shows that 19.2% of people in this age group are out of work and not in full-time education. This is the highest rate since 2014.<\/p>\n<\/div>\n
<\/p>\n
Despite the rise in unemployment, the impacts were not felt evenly: male employment stands at 5.5%, while female unemployment is at 4.8%.<\/p>\n<\/div>\n
<\/p>\n
Why is there an increase?<\/h2>\n<\/p>\n
<\/p>\n
Employers have faced higher costs for employing staff due to the rise in employers’ national insurance contributions in April, per Sky News.<\/p>\n<\/div>\n
<\/p>\n
Additionally, higher minimum wages for younger workers have contributed to the increase in unemployment among that cohort, according to Catherine Mann, a senior Bank of England economist and interest rate setter.<\/p>\n<\/div>\n
<\/p>\n
Meanwhile, wage growth was at its lowest in over five years, the ONS said.<\/p>\n<\/div>\n
<\/p>\n
It means pay is still rising faster than inflation, but more slowly than before, in both the private and public sectors.<\/p>\n<\/div>\n
<\/p>\n
Average pay rose by 3.8%, while average weekly earnings increased by 3.9%. A month earlier, both measures had stood at 4.2%.<\/p>\n<\/div>\n
<\/p>\n
The impact of war<\/h2>\n<\/p>\n
<\/p>\n
The latest figures do not yet reflect the impact of the Iran conflict, which is expected to raise inflation as oil and gas prices climb.<\/p>\n<\/div>\n
<\/p>\n
Rising prices can curb spending, putting pressure on businesses and leading to fewer jobs.<\/p>\n<\/div>\n
<\/p>\n
If the conflict drags on, signs of recovery could fade, with unemployment likely to rise further.<\/p>\n<\/div>\n
<\/div>\n
#Unemployment #rate #remains #highest #rate #years<\/p>\n","protected":false},"excerpt":{"rendered":"
18 to 24-year-olds are the biggest contributors to the increase in unemployment The rise in unemployment over the past three months has been driven largely by 18\u201324-year-olds, according to the ONS. There are now concerns that the conflict involving Iran could further worsen the situation. New official figures show UK unemployment has remained at its […]<\/p>\n","protected":false},"author":1,"featured_media":4325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3289,925,131,4403,3288,215],"class_list":{"0":"post-4324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"tag-highest","9":"tag-job","10":"tag-rate","11":"tag-remains","12":"tag-unemployment","13":"tag-years"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4324"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/4325"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}